Investment update
The Scheme’s investments help to meet the cost of providing benefits for all the Scheme’s members. This means that the management of the Scheme’s investments is very important, and a responsibility we take extremely seriously.
Our investment objectives and strategy are clearly set out in a formal document known as the Statement of Investment Principles (SIP).
The Investment Report, which forms part of the Scheme’s Trustee Report & Accounts, contains further detail about the investments and fund managers.
The SIP and a copy of the Scheme’s latest signed Trustee Report & Accounts (as at 30 September 2023) can be found on the Documents page on MyPension.
Asset allocation
The charts compare the Scheme’s actual investment allocation at 30 September 2023 and 30 September 2022 with our target asset allocation. Due to the long-term view we take when making investment decisions, there can be periods when the actual asset allocation differs from our target asset allocation.
| Equity | Credit | Property | Multi Strategy | Illiquid Credit | Infrastructure Equity | Liability Driven Investments and Cash | |
|---|---|---|---|---|---|---|---|
| 30 September 2023 30 September 2023 | 6.8% 6.8% | 9.0% 9.0% | 0.0% 0.0% | 20.5% 20.5% | 6.5% 6.5% | 5.1% 5.1% | 52.0% 52.0% |
| 30 September 2022 30 September 2022 | 14.6% 14.6% | 25.2% 25.2% | 4.9% 4.9% | 14.0% 14.0% | 6.5% 6.5% | 1.9% 1.9% | 32.9% 32.9% |
| Target Asset Allocation Target Asset Allocation | 9.3% 9.3% | 8.3% 8.3% | 0.0% 0.0% | 15.9% 15.9% | 9.4% 9.4% | 5.4% 5.4% | 52.1% 52.1% |
| Asset Class | Manager |
|---|---|
| Equities Equities | Ownership Capital Global Equity Fund Ownership Capital Global Equity Fund |
| GQG Partners Emerging Market Equity Fund GQG Partners Emerging Market Equity Fund | |
| LGIM Synthetic Equity Portfolio LGIM Synthetic Equity Portfolio | |
| Credit Credit | BlueBay Leveraged Finance Total Return Fund BlueBay Leveraged Finance Total Return Fund |
| Multi Strategy Multi Strategy | Bridgewater Optimal Portfolio Fund II Bridgewater Optimal Portfolio Fund II |
| Man Progressive Diversified Risk Premia Fund Man Progressive Diversified Risk Premia Fund | |
| Systematica Investments Limited Systematica Investments Limited | |
| Illiquid Credit Illiquid Credit | KKR Private Credit Opportunities Fund Partners II Fund KKR Private Credit Opportunities Fund Partners II Fund |
| M&G Multi-Dated Asset Fund M&G Multi-Dated Asset Fund | |
| Infrastructure Equity Infrastructure Equity | BlackRock Global Renewable Power Infrastructure Fund III M&G Multi-Dated Asset Fund BlackRock Global Renewable Power Infrastructure Fund III M&G Multi-Dated Asset Fund |
| Liability Driven Liability Driven | LGIM Segregated LDI LGIM Segregated LDI |
| L&G Pensioner Buy-in L&G Pensioner Buy-in | |
| Cash Cash | JPM Liquidity JPM Liquidity |
| LGIM Liquidity LGIM Liquidity | |
| Allianz GI LIBOR Mandate Portfolio Allianz GI LIBOR Mandate Portfolio |